The global insurance industry could be facing billions of dollars in losses as a result of Russia’s invasion of Ukraine, warns stakeholders.
A Financial Times source said insurance marketplace Lloyd’s is potentially looking at overall losses worth somewhere between US$1 billion and US$4 billion. The estimate already excludes payouts from reinsurers.
Lloyd’s declined to comment, according to the publication.
Earlier this week, the centuries-old exchange stated: “For Lloyd’s – despite our market having representatives all over the world – our activities in Russia and Belarus represent less than 1% of the business we transact. However, we know the world is too connected for any of us to sit on the sidelines. And insurance is too ingrained in the world economy for us to not play an active role.